Bank of America Merrill Lynch retained its title as the top underwriter of equity real estate investment trusts' debt offerings in 2018, with $3.03 billion in deal credit across 32 offerings, while its four closest competitors completed the year in the same order as in 2017.
Among equity-offering underwriters, sixth-place 2017 finisher Citigroup Global Markets Inc. leapfrogged over that year's leaders to capture the top spot with $2.68 billion in deal credit across 18 offerings.
Bank of America Merrill Lynch, the 2017 leader among REIT equity offering underwriters, finished second for 2018. J.P. Morgan Securities LLC finished second among debt underwriters and third among equity underwriters.
The leading REIT preferred equity underwriter for the year — and the only firm to advise on more than two preferred equity offerings during the year — was Morgan Stanley, with $211.5 million in deal credit across five offerings. Each of the category leaders for the year held their lead at the end of the third quarter.
Among the key stock offerings by equity REITs in the fourth quarter were a $724.5 million offering from VICI Properties Inc. and a $498.5 million offering from HCP Inc.
The only equity REIT IPO completed during the quarter was a $2.4 million offering by Medalist Diversified REIT Inc., for which Maxim Group LLC served as the sole underwriter.
REIT debt offerings during the fourth quarter included a $1.0 billion offering from Boston Properties Inc., a $578.2 million offering from W. P. Carey Inc. and a $550 million offering from VEREIT Inc.
Bank of America Merrill Lynch, J.P. Morgan Securities and Jefferies LLC tied for the lead among underwriters of real estate management and development companies' common equity offerings. Each had $106.6 million in credit on one deal. Raymond James & Associates Inc. and UBS Investment Bank each had $25.0 million in deal credit on one preferred equity offering for real estate management and development companies.
Bank of America Merrill Lynch led debt underwriters for offerings by real estate management and development companies, with $289.3 million in credit on two deals.